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The top 5% of Americans control 58.9% of the wealth.
That's why they pay more taxes.
When these wealthy right-wing radio hosts try to stir the pot on taxes, they NEVER mention wealth (which they have plenty of). When you have wealth, your money makes money.
Your not taxed on wealth in this country, your taxed on income, try to rethink your argument and repost. I'm sure there is a valid point to be made.
You are correct.
You illustrate why the rich pay less than their fair share of taxes. While they control nearly 60% of the wealth (which you point out is not taxed)) and only earn 21% of the income (thank you for pointing out that they are taxed on this), they are paying less than their fair share!
You illustrate why the rich pay less than their fair share of taxes. While they control nearly 60% of the wealth (which you point out is not taxed)) and only earn 21% of the income (thank you for pointing out that they are taxed on this), they are paying less than their fair share!
Where do you get they only earn 21% of their income? They earn money, pay taxes on it, then reinvest what they dont spen, and get taxes=d on that every year till the day they die. Then when they die, they get taxed again. Are you proposing that the rich not be allowed to re-invest? You do realise thats what creates jobs for everyone else dont you?
Taxing people on based on wealth is a horrible idea. There are some people with quite a bit of wealth but, it is illiquid. Good examples of this are farmers who own there land and people who live in family homes that they have held for generations. There is technically wealth there, but it may not generate any signifigant income or the income it does generate is eclisped by its hypothetical market price or their asset.
For example family X lives in a confortable home that they share with their Parents and Children. Their parents bought the home in the 1950s for $50,000. Since the 1950s the area has been developed and become more desirable resulting in a home value of $600,000. In that time however, that family's income has only increased at slightly above the rate of inflation and as such they only have a modest tax burden. Additionally on that income they would never be able to afford the home they are living in. A result of taxing wealth would mean they would be paying taxes on their home at a rate signifigantly higher than income and they may end up losing their house over the affair or having to cut back in other areas to pay the disproprotiate tax.
That's why they pay little federal income tax.
The top 5% of Americans control 58.9% of the wealth.
That's why they pay more taxes.
When these wealthy right-wing radio hosts try to stir the pot on taxes, they NEVER mention wealth (which they have plenty of). When you have wealth, your money makes money.
Again, wealth is not the issue.
The INCOME TAX is the issue. If you make a small income, then you pay a small income tax. By percentage. Should never be ZERO.
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